If gold has not risen to $1350 in the next two weeks, then when will it rise? Apart from a strong US everything is bullish.
(a) Trade war is between USA-China, USA-Eurozone.
(b) Friendly Mexico will be imposed twenty five percent tariff until it stops illegal migrants from entering USA.
(c) Every corporate is now cautious dealing with American companies and has starting taking measures to reduce reliance on American technology.
(d) American corporates are considered back stabbers by some in the business world.
(e) Central banks have increased the pace of foreign exchange reserve diversification away from the US dollar. There was some chatter that Malaysian prime minister has proposed a common currency for trade between ASEAN trade bloc. Net trade imbalance between nations of the bloc will be settled by gold.
Every condition is ripe for gold to rise to $1350 and further $1500. There is manipulation by vested elements. Once these rogue gold bears face a gold tiger bull then gold price will see a parabolic rise.
COMEX GOLD AUGUST 2019 - current price $1295.60
? Gold needs to trade over $1290 to rise to $1307 and $1320.
? This is the best chance for gold to rise to $1315 and $1330.
? Crash will be there if gold does not break $1307.
MCX Gold August 2019: (previous day close/CMP Rs.319299)
o Gold needs to trade over 31750-31800 zone to rise to 32200 and 32500.
o Crash will be there if gold does not break and trade over 32100 today.
(Prices in Indian rupees above)
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